The announcement comes less than a year after Penn National sealed a deal with the property to purchase M Resorts’s debt for $230.5 million. The M Resort is also the first Las Vegas hotel and casino owned and controlled by Penn National Gaming The Company currently operates twenty-six facilities in eighteen jurisdictions, including Colorado, Florida, Illinois, Indiana, Iowa, Louisiana, Maine, Maryland, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Pennsylvania, Texas, West Virginia, and Ontario. Penn National’s operated facilities feature approximately 29,000 gaming machines, 560 table games, 2,400 hotel rooms and 1.1 million square feet of gaming floor space.
Opened in March 2009, the M Resort Spa Casino is located at the southeast corner of Las Vegas Boulevard and St. Rose Parkway. M Resort was developed by Anthony Marnell III, who will serve as President of the property following its acquisition by Penn National.
The resort features over 92,000 square feet of gaming space including 1,900 slot machines, 64 table games, 14 poker tables and a race and sports book. M Resort also offers 390 guest rooms and suites, nine restaurants, five bars, more than 60,000 square feet of meeting and conference space, a 4,700 space parking facility, a state-of-the-art spa and fitness center and a 100,000 square foot events piazza.
“The acquisition of M Resort is another compelling opportunity to deliver growth and returns to our shareholders by diversifying our asset base through prudent deployment of our exceptional balance sheet and adhering to our focus on operating discipline. Through this transaction, M Resort has emerged as a financially sound, debt free, upscale locals and destination-oriented casino resort with extensive high-quality amenities. Located ten miles south of the Las Vegas Strip with access to I-15, M Resort is a premiere locals-oriented facility as well as a great property to be marketed to Southern California customers as well as to meeting and convention groups. In addition, M Resort is an attractive asset that we plan to continue marketing to our database of over 12 million regional gaming customers by offering them a world-class Las Vegas gaming experience. Since sending M Resort hotel offers to some of our highest value players earlier this year, the facility has booked over 1,300 incremental room nights which increased occupancy by almost 4% and contributed to first quarter property revenue of $39.8 million and EBITDA of $6.2 million.” commented Peter M. Carlino, Chief Executive Officer of Penn National.